MBT bouncing from support; heading towards resistance level

Weekly: MBT‘s weekly chart is showing some bullish signal via candlestick pattern called Bullish Piercing Line. This pattern suggests that the bears are losing their confidence while bulls are getting stronger. But this bullishness is not yet seen in our Ichimoku system as all elements are still in red. Test buy is ok at this time. Add when there is/are bullish sign from Ichimoku.

Daily: Our daily chart tells us that MBT was able to bounce from the support and has made a cross on Tenkan Sen line. But this is a very weak signal so we will not rely on that. RIS or Relative Strength Index is still pointing up and not yet overbought. Based on Fibonacci Retracement level, our resistance is at 82.70 which also coincides with the Kijun Sen line. A little gap somewhere very near 80

Caveat!

Leave a Reply